Artwork

Inhoud geleverd door PwC. Alle podcastinhoud, inclusief afleveringen, afbeeldingen en podcastbeschrijvingen, wordt rechtstreeks geüpload en geleverd door PwC of hun podcastplatformpartner. Als u denkt dat iemand uw auteursrechtelijk beschermde werk zonder uw toestemming gebruikt, kunt u het hier beschreven proces https://nl.player.fm/legal volgen.
Player FM - Podcast-app
Ga offline met de app Player FM !

Modifying a contract? Your revenue recognition may change

31:39
 
Delen
 

Manage episode 430410824 series 1240336
Inhoud geleverd door PwC. Alle podcastinhoud, inclusief afleveringen, afbeeldingen en podcastbeschrijvingen, wordt rechtstreeks geüpload en geleverd door PwC of hun podcastplatformpartner. Als u denkt dat iemand uw auteursrechtelijk beschermde werk zonder uw toestemming gebruikt, kunt u het hier beschreven proces https://nl.player.fm/legal volgen.

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.

We continue our revenue podcast miniseries discussing contract modifications. Contract modifications are accounted for as either a separate contract or as part of the existing contract, depending on the nature of the modification.
In this episode, we discuss:

  • 4:47 – An overview of contract modifications
  • 5:57 – Modifications that are accounted for as separate contracts
  • 6:54 – Modifications that are accounted for prospectively
  • 10:08 – Modifications that result in cumulative catch-up adjustments
  • 11:28 – Other types of modifications
  • 13:16 – Common contract modification scenarios and related accounting pitfalls
  • 23:22 – Contract terminations

For more information, see section 2.9 of our Revenue guide. Also, check out other episodes in our miniseries: Gross versus net revenue: Is your company the principal or agent? and Identifying the contract – The first step in recognizing revenue. Additionally, follow this podcast on your favorite podcast app for more episodes.
Pat Durbin is a Deputy Chief Accountant in PwC’s National Office. He has over 30 years of experience consulting with our clients and engagement teams on complex accounting matters, including issues related to revenue, compensation, income taxes, and inventory under both US GAAP and IFRS.
Angela Fergason is a partner and standard setting leader in PwC's National Office who specializes in accounting for revenue and employee compensation arrangements. She also consults on a range of financial reporting issues impacting technology companies.
Heather Horn is the PwC National Office Sustainability & Thought Leader, responsible for developing our communications strategy and conveying firm positions on accounting, financial reporting, and sustainability matters. In addition, she is part of PwC’s global sustainability leadership team, developing interpretive guidance and consulting with companies as they transition from voluntary to mandatory sustainability reporting. She is also the engaging host of PwC’s quarterly webcast series.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.

  continue reading

Hoofdstukken

1. Modifying a contract? Your revenue recognition may change (00:00:00)

2. An overview of contract modifications (00:04:47)

3. Modifications that are accounted for as separate contracts (00:05:57)

4. Modifications that are accounted for prospectively (00:06:54)

5. Modifications that result in cumulative catch-up adjustments (00:10:08)

6. Other types of modifications (00:11:28)

7. Common contract modification scenarios and related accounting pitfalls (00:13:16)

8. Contract terminations (00:23:22)

536 afleveringen

Artwork
iconDelen
 
Manage episode 430410824 series 1240336
Inhoud geleverd door PwC. Alle podcastinhoud, inclusief afleveringen, afbeeldingen en podcastbeschrijvingen, wordt rechtstreeks geüpload en geleverd door PwC of hun podcastplatformpartner. Als u denkt dat iemand uw auteursrechtelijk beschermde werk zonder uw toestemming gebruikt, kunt u het hier beschreven proces https://nl.player.fm/legal volgen.

Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.

We continue our revenue podcast miniseries discussing contract modifications. Contract modifications are accounted for as either a separate contract or as part of the existing contract, depending on the nature of the modification.
In this episode, we discuss:

  • 4:47 – An overview of contract modifications
  • 5:57 – Modifications that are accounted for as separate contracts
  • 6:54 – Modifications that are accounted for prospectively
  • 10:08 – Modifications that result in cumulative catch-up adjustments
  • 11:28 – Other types of modifications
  • 13:16 – Common contract modification scenarios and related accounting pitfalls
  • 23:22 – Contract terminations

For more information, see section 2.9 of our Revenue guide. Also, check out other episodes in our miniseries: Gross versus net revenue: Is your company the principal or agent? and Identifying the contract – The first step in recognizing revenue. Additionally, follow this podcast on your favorite podcast app for more episodes.
Pat Durbin is a Deputy Chief Accountant in PwC’s National Office. He has over 30 years of experience consulting with our clients and engagement teams on complex accounting matters, including issues related to revenue, compensation, income taxes, and inventory under both US GAAP and IFRS.
Angela Fergason is a partner and standard setting leader in PwC's National Office who specializes in accounting for revenue and employee compensation arrangements. She also consults on a range of financial reporting issues impacting technology companies.
Heather Horn is the PwC National Office Sustainability & Thought Leader, responsible for developing our communications strategy and conveying firm positions on accounting, financial reporting, and sustainability matters. In addition, she is part of PwC’s global sustainability leadership team, developing interpretive guidance and consulting with companies as they transition from voluntary to mandatory sustainability reporting. She is also the engaging host of PwC’s quarterly webcast series.
Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com.

  continue reading

Hoofdstukken

1. Modifying a contract? Your revenue recognition may change (00:00:00)

2. An overview of contract modifications (00:04:47)

3. Modifications that are accounted for as separate contracts (00:05:57)

4. Modifications that are accounted for prospectively (00:06:54)

5. Modifications that result in cumulative catch-up adjustments (00:10:08)

6. Other types of modifications (00:11:28)

7. Common contract modification scenarios and related accounting pitfalls (00:13:16)

8. Contract terminations (00:23:22)

536 afleveringen

Alle afleveringen

×
 
Loading …

Welkom op Player FM!

Player FM scant het web op podcasts van hoge kwaliteit waarvan u nu kunt genieten. Het is de beste podcast-app en werkt op Android, iPhone en internet. Aanmelden om abonnementen op verschillende apparaten te synchroniseren.

 

Korte handleiding